Motorola has reported second-quarter earnings, excluding special charges, of $US273 million, or 44 cents per share, citing improved sales of semiconductors and digital wireless telephones as among the reasons for the return to form.
The results are a vast improvement over the $6 million earnings, or 1 cent per share, the company reported for the same quarter a year ago. In addition, the earnings beat analyst expectations. Twenty-eight analysts polled by First Call estimated Motorola would post earnings per share of 41 cents.
For the second quarter, which ended July 3, 1999, Motorola's sales were $7.5 billion, up 7% from $7 billion a year earlier. Including special charges of $94 million before taxes during the second quarter of 1999, the company's earnings were $206 million, or 33 cents per share. That compared to a loss of $1.3 billion, or $2.22 per share in the second quarter a year ago, after special charges of $1.91 billion for manufacturing, consolidation, cost reduction and restructuring were factored into the results.
"The improved results stem from good growth in semiconductors and very significant growth in digital wireless telephones, as well as a recovery in Asian markets and the benefits of the company's profit improvement programs," said Robert Growney, president and chief operating officer, in a statement.
Motorola, based in Schaumburg, Illinois, can be contacted at 1-847-576-5000 or at http://www.mot.com/.